iscoverNew research shows the extent to which accounting professionals are focused on integrating new technologies into their daily operations, as well as how a shortage of talent may impact their businesses.
AI-powered efficiencies, talent shortages front of mind for accounting firm owners
01 August 2025
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9 minute read
MYOB recently released its inaugural MYOB Accounting Industry Monitor, taken from a survey of more than 350 Australian accounting practice owners and managers.
The results, the tech company said, show that the accounting profession is undergoing a profound transformation powered by agentic AI and a rising demand for skills that transcend borders.
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Tech findings
According to the report, 74 per cent of respondents are proactively seeking tech-led innovation, while 78 per cent say AI-powered efficiencies are a must-have in their practice – suggesting that accountants are “upskilling in AI and equipping themselves for emerging opportunities in an evolving, international marketplace”.
Speaking about the findings, MYOB chief customer officer Dean Chadwick (pictured) said that accountants have been at the forefront of several technology-led evolutions, and the company’s findings reinforce the impression that accounting practitioners are ready to embrace the next wave of change.
“The MYOB Accounting Industry Monitor shows that early adoption of technologies like AI can have meaningful financial impacts for local practices. Ninety-five per cent of those surveyed said finding efficiencies led to more profit and increased revenue. When we think of opportunities presented by tools like agentic AI to provide even greater gains in this area, the attention of the sector is firmly fixed on how these can be realised,” he said.
“While for many sectors agentic AI and agent adoption is a relatively new concept, accountants have a significant opportunity to harness the advanced reasoning potential of the technology to redesign workflows, create more accurate and in-depth client reports and lean on this ‘digital employee’ to grow the wider team so they can focus on the advice that adds client value.”
Moreover, 59 per cent of respondents saw saving time and increasing efficiency as the top benefit of AI, followed by audit/reporting speed (46 per cent), accuracy (43 per cent) and forecasting analytics (42 per cent).
Respondents also identified concerns around data privacy and security (58 per cent), bias in decision-making (50 per cent), compliance and fraud detection (40 per cent) and explaining AI impacts to clients (46 per cent).
“As practices look to deepen the integration of AI across more areas of their business, this is leading to an elevated focus on time-based billing services and consultancy for existing clients and new prospects which in turn, is helping to boost performance and revenue,” Chadwick said.
“A key opportunity for leaders of local accounting practices is ensuring they are treating AI upskilling as an ‘always on’ for their teams. This technology is evolving daily, so a continuous eye on change is essential to stay ahead of the curve.
“We know improved employee engagement and wellbeing is frequently a positive offshoot of embracing productivity-enhancing technology and as the industry struggles with a talent shortage, leveraging intelligent tools to help manage the load and free team members to focus on value-driven work is even more important.”
Recruitment findings
Elsewhere, MYOB’s research found that more than seven in 10 (72 per cent) accounting professionals feel that there is a shortage of talent across the sector.
There were numerous reasons espoused promoting accounting careers, albeit with differences across generations: almost one in two (45 per cent) Baby Boomers believe their profession delivers impactful work and positive contribution to clients, while more Gen X respondents (46 per cent) recognised the transferability of skills, which enables professionals to work interstate or globally. Further, ongoing skill development is appealing to Millennials (46 per cent), while most Gen Z (41 per cent) see accounting as a stable career with strong demand.
Millennials and Gen Z also hold the most positive perceptions around their chosen field, MYOB said, with Millennials most likely to recommend accounting as a profession, and Gen Z being least likely to agree that accounting is stereotyped as being ‘dull and monotonous’.
Chadwick said: “Despite the skills shortages facing practices in Australia, there is every reason for accounting practitioners to be optimistic about the future.”
“Between the ongoing evolution of the industry and the benefits of a profession that is stable, offers vast opportunities for development, and builds globally transferable skills, the attraction of pursuing a career in accounting remains strong,” he said.
The company’s research, Chadwick said, shows a profession ready for reinvention – “one that blends tech and talent to deliver strategic, borderless value”.
“With solutions like agentic AI accelerating practice performance and enabling transferable, future-focused skills, accounting is increasingly a career that goes wherever you do.”
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